Rentv.com, 2/1/2010
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Retailer’s Bay Area Expansion Plans are on Target
Target Corporation has been on the move in the Bay Area, having recently acquired 10 acres of land in San Jose in addition to a 117.8k sf retail building in Oakland as part of the discount retailer’s plans for two new store openings scheduled for 2011. The prices Target paid for the South Bay and East Bay properties were undisclosed.
In the first transaction, Target picked up 10 acres of land situated at the southeast corner of North First St and Hwy 237 in north San Jose from Hunter Storm Properties. Target will be constructing a 138k sf store with a scheduled opening set for 2011. The new Target will be part of a brand new office, retail and hotel development project known as @First, which will also include Brocade and a Hotel Sierra.
@First is the brainchild of Hunter Storm Properties, which still maintains ownership in the development after having now sold a total of 20 acres of the total 39-acre site to Target and Brocade. Currently, Brocade is under construction with 562k sf of office space that will serve as its new headquarters campus, with occupancy set for mid 2010, while the 160-room Hotel Sierra is under construction and scheduled to open late 2010. @First is strategically positioned in the heart of Silicon Valley translating to a strong daytime population with well known corporate headquarters such as Yahoo, Cisco and Intel all located within the primary trade area.
In the second deal, Target acquired a leasehold interest in the former 117.8k sf Expo Design Centers building in Oakland from Home Depot. The property is located at 1555 40th St, at the corner with San Pablo Ave. Target has plans for significant improvements on the site, with an opening scheduled for 2011. The acquisition comes almost a year after Home Depot announced closure of all its Expo Design Center stores.
Matt Kircher, Managing Partner at Terranomics Retail Services, represented Target in the San Jose land buy and acted as an advisor in the Oakland deal. Terranomics is the retail division of BT Commercial.
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